World Bank Court Rules Country Didn’t Compensate Oil Company Fairly for Expropriated Assets

CARACAS—The World Bank’s international arbitration court awarded Exxon Mobil Corp. $1.6 billion on Thursday in its case against the Venezuelan government over assets expropriated in 2007.

The unanimous decision by a panel at the International Center for Settlement of Investment Disputes is a far cry from the $16.6 billion that the U.S. oil major had sought for the nationalization of its Cerro Negro project.